Prime News Ghana

Dr Kwabena Duffour Jnr sues KPMG over collapse of uniBank

By Clement Edward Kumsah
Dr_Kwabena_Duffour_Jnr_sues_over_unibank
Dr Kwabena Duffour Jnr sues KPMG over collapse of uniBank
Shares
facebook sharing button Share
twitter sharing button Tweet
email sharing button Email
sharethis sharing button Share

Dr Kwabena Duffuor Jnr has sued auditing firm KPMG and some of its staff for their involvement in the collapse of uniBank in August.

Dr Kwabena Duffuor Jnr has accused KPMG and some staff members of deceit and deliberately misleading the Bank of Ghana and government into illegally collapsing Unibank.

According to the suit at the High Court, Dr Kwabena Duffuor Jnr is shocked that KPMG’s official administrator Nii Amanor Dodoo upon whose authorisation the BoG revoked uniBank’s license has been appointed “the receiver” of the bank.

He is also surprised that Daniel Addo, a former senior partner with KPMG who participated in the discrediting of uniBank has now been appointed CEO of the newly created Consolidated Bank.

“Simon Dornoo, who has also benefited from the KPMG substantially discredited report as an appointed representative of the Official Administrator of uniBank “in receivership” was also at all material time a senior member of KPMG.

ALSO READ: Kwabena Duffour sues Bank of Ghana over collapse of uniBank

“Abeeku Nissi Diafo an employee of KPMG acting on the purported instructions of Nii Amanor Dodoo, Plaintiff herein, to send a notice of invitation on the letterhead of KPMG to the 8th Defendant herein to validate a so-called inventory which in any case was not attached to the notice of invitation,” the suit said.

KMPG deliberately and for its own self gain causing the long-standing, enviable, validated liquidity position of uniBank contained in records adequately made available to KMPG to be impaired in violation of all well known principles, practices and custom of business of Banking, thus inordinately providing a tainted impetus compelling the Government of the Republic of Ghana to expropriate “the good assets” of uniBank and transferring same to the new public Bank contrary to all the well known relevant legal regime and structures, the suit added.

Dr Kwabena Duffour Jnr maintains that had it not been for the misrepresentation and rent-seeking behaviour of KPMG, the BoG and government of Ghana would not have revoked the license of uniBank.

“…the Plaintiff herein the latter acting as a partner of KPMG who in concert with other agents of KPMG being partners or agents caused the government and the Bank of Ghana to take the legally unfounded actions that have led to the apparent collapse of uniBank, Ghana’s most successfully managed indigenous Bank until March 20, 2018 when KPMG took over.”

Dr Kwabena Duffour Jnr who was CEO of uniBank until KPMG was appointed as administrators is seeking special damages in the loss of earnings “by reason of persons who would have done profitable business with the 8th, 10th and 14th Defendants now refusing to do so in view of the false publications sourced, inter alia to the discredited report of KPMG and the Plaintiff herein.”

He also wants domestic and international damages for causing it reputational and professional harm to his business through its misrepresentation and that “Defendants are persons incapable of running the business of banking and the financial sector as a whole.”

Dr Kwabena Duffour Jnr also wants the court to grant it damages in the loss of prospective earning and international transactions which are the life blood of every practitioner of the business of banking.

Meanwhile, in a related development, Being a receiver, KPMG in September 2018 sued the founder of the uniBank, Dr Kwabena Duffuor and 16 others for the bank’s collapse.

Senior Partner of audit firm KPMG, Nii Amanor Dodoo who served as the Receiver of the now-defunct uniBank has sued founder of the bank, Dr Kwabena Duffour, and some 16 other entities at an Accra High Court for illegally taking ¢5billion from the now-defunct unibank.
According to the suit, the defendants are: HODA Holdings Limited, HODA Properties, Integrated Properties Limited, Alban Logistics Limited, Starlife Assurance, Bolton Portfolio Limited, Dr Kwabena Duffour II, Opoku-Gyamfi Boateng, Professor Newman Kwadwo-Kusi, Owusu Ansah Awere, Ekow Nyarko Dadzie-Dennis, Clifford Duke Mettle, Boatemaa Kakra Duffour-Nyarko, Kofi Kyereh Darkwah, Nana Boakye Asafu-Adjaye and Alex Gaddiel Buabeng.

In the writ filed on Tuesday, September 4 2018, which is expected to be moved on Wednesday, 19 September 2018, Nii Amanor Dodoo wants the court to compel the defendants to recover the remainder of the amount of GH¢ 5, 712, 623, 145 unlawfully taken from uniBank Ghana Limited, after the deduction of the amount used to acquire the assets which are transferred and/or returned to the plaintiff (Mr Dodoo) under relief (e) together with commercial interest.

Ghana News: Latest news in Ghana